N.Y. Personal Property Law § 301: Definitions

§ 301. Definitions. In this article, unless the context or subject

matter otherwise requires:

1. "Motor vehicle" or "vehicle" means any device propelled or drawn by

any power other than muscular power, upon or by which any person or

property is or may be transported or drawn upon a public highway, road

or street except that it shall not include a "snowmobile" as defined in

subdivision three of section 21.05 of the parks, recreation and historic

preservation law. "Motor vehicle" or "vehicle" also means a "mobile

home" or a "manufactured home". "Mobile home" or "manufactured home"

means a structure, transportable in one or more sections, which in the

traveling mode, is eight body feet or more in width or forty body feet

or more in length, or when erected on site, is three hundred twenty or

more square feet, and which is built on a permanent chassis and designed

to be used as a dwelling with or without a permanent foundation when

connected to required utilities, and includes the plumbing, heating,

air-conditioning and electrical systems contained therein.

2. "Retail buyer" or "buyer" means a person who buys a motor vehicle

from a retail seller and who executes a retail instalment contract in

connection therewith.

3. "Retail seller" or "seller" means a person who sells a motor

vehicle to a retail buyer under or subject to a retail instalment

contract.

4. "Retail instalment sale" or "sale" means a sale, other than for a

commercial or business use or for the purpose of resale, of a motor

vehicle by a retail seller to a retail buyer for a time sale price

payable in two or more instalments, payment of which is secured by a

retail instalment contract. The cash sale price of the motor vehicle,

the amount, if any, included for insurance, official fees and credit

service charge shall together constitute the time sale price.

5. "Retail instalment contract" or "contract" means an agreement,

entered into in this state, pursuant to which the title to, the property

or a security interest in or a lien upon a motor vehicle, which is the

subject matter of a retail instalment sale, is retained or taken by a

retail seller from a retail buyer as security, in whole or in part, for

the buyer's obligation. The term includes such an agreement wherever

entered into if executed by the buyer in this state and if solicited in

person by a salesman or other person acting on his own behalf or that of

the seller. The term also includes a contract whereby a security

interest in favor of the seller is created or retained and a contract

for the bailment or leasing of a motor vehicle by which the bailee or

lessee contracts to pay as compensation for its use a sum substantially

equivalent to or in excess of its value and by which it is agreed that

the bailee or lessee is bound to become, or for no other or for a

nominal consideration has the option of becoming, the owner of the motor

vehicle upon full compliance with the terms of the contract.

6. "Cash sale price" means the cash sale price stated in a retail

instalment contract for which the seller would sell to the buyer, and

the buyer would buy from the seller, the motor vehicle which is the

subject matter of the retail instalment contract if the sale were a sale

for cash instead of a retail instalment sale. The cash sale price may

include any taxes, registration, license and other fees and charges for

insurance, for accessories and their installation and for delivering,

servicing, repairing or improving the motor vehicle and for other

services incidental to the agreement. It also may include the unpaid

balance of any amount financed under an outstanding motor vehicle loan

agreement or motor vehicle retail instalment contract or the unpaid

portion of the early termination obligation under an outstanding motor

vehicle retail lease agreement.

7. "Official fees" means the filing or other fees required by law to

be paid to a public officer to perfect the interest or lien, in or on a

motor vehicle, retained or taken by a seller under a retail instalment

contract, and to file or record a release, satisfaction or discharge of

the contract.

8. "Credit service charge" means that part of the time sale price by

which it exceeds the aggregate of the cash sale price and the amount, if

any, included in a retail instalment sale for insurance and official

fees.

9. "Financing agency" means a person engaged, in whole or in part, in

the business of purchasing retail instalment contracts from one or more

retail sellers. The term includes but is not limited to a bank, trust

company, savings bank, savings and loan association, private banker or

investment company, if so engaged. The term also includes a retail

seller engaged, in whole or in part, in the business of holding retail

instalment contracts acquired from retail buyers.

10. The "holder" of a retail instalment contract means the retail

seller of the motor vehicle under or subject to the contract or, if the

contract is purchased by a financing agency or other assignee, the

financing agency or other assignee.

11. "Person" means an individual, partnership, corporation,

association or other group, however organized.

12. Words in the singular include the plural and vice versa.